Product
Credit Abuse Detect
Detect more malicious charge-offs and bust-out earlier and easier.

Product Overview

Financial institutions across Canada process millions of credit applications a year, and inevitably, a portion of these result in malicious and fraudulent charge-offs. Malicious charge-offs such as bust-out fraud are difficult to prevent and predict, and cost the industry ~$510 million a year.

Credit Abuse Detect can help you predict and prevent credit abuse earlier and easier, reducing your credit abuse costs by 20-30%, which can translate into millions of dollars in savings.

Detect Early

Detect bust-out in the month it is committed -- that's up to seven months earlier than when banks typically detect it. That means significant incremental savings for you, with reduced charge-offs.

Address The Whole Picture of Malicious Chargeoffs

Traditional bust-outs only represent 6% of all malicious credit abuse behaviour. If you're trying to identify malicious charge-offs in house using only your own data, you could be missing 94% of the problem. Credit Abuse Detect uses cross-issuer data to help you detect all 5 types:

  • 6% Traditional Bust-Outs
  • 10% Never Pay Defaults
  • 10% Skip Pay Defaults
  • 10% Age of the Account < 6 Credit Abuse
  • 68% Age of the Account > 6 Credit Abuse

Unique Insights and Customer Solutions from Equifax and Argus

Equifax, in partnership with Argus, has developed Credit Abuse Detect using credit bureau and credit card data to create a consumer-level score to help financial institutions, credit unions and credit card issuers predict and identify malicious charge-offs.

More
Related Products and Solutions
Citadel
Identify fraud before it negatively impacts your business
eIDCompare
Accurately verify an applicant's identity on time and in real time
eIDVerifier
Give your business an extra level of security with accurate, real-time customer ID verification
Fraud Prevention
Safeguard your business from the damaging effects of fraud with our multi-layered prevention solutions
SafeScan
An early-warning system to help you combat credit application fraud